As had been the case in 2008–2009, Mexico had the singular distinction of both drawing on an IMF credit line and receiving support direct from the United States by way of a Federal Reserve liquidity swap. There was thus no prospect of Mexico running out of dollars. But despite the level of support it received from the outside, López Obrador’s government pursued a remarkably passive response to the coronavirus crisis.59 It provided virtually no fiscal stimulus to offset the fall in economic activity and exports. All told, emergency spending in 2020 came to a derisory 0.6 percent of GDP.60 The
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